The traditional judicial system fails to protect the interests of participants in the digital economici to resolve this issue in the Arbitration centre at the RSPP will set up a special Board
At the beginning of 2019 in the Arbitration centre at the Russian Union of Industrialists and entrepreneurs (RSPP) will start operating a specialized Board on disputes in sphere of the digital economy, writes the edition “Kommersant”. The division will be headed by the head of the working group at the state Duma on risk assessment of cryptocurrency circulation Elina Sidorenko, her Deputy becomes Director of the legal Department of Moscow exchange Alexander Smirnov.
“The judiciary is faced with many challenges: from the absence of an effective legal and institutional mechanisms for the protection of the rights of people, creating and applying digital technology to the recognition of digital objects as a new type of evidence,” — said Sidorenko.
The MP added that at the moment we have amended the regulation on the Arbitration center, and also matched the composition of the arbitrators. The judicial system lacks professionals who understand this subject, and smart contracts are outside the legal field.
Specialized Board created in that time, as the number of court cases related to the digital economy grows. Almost half of these proceedings is associated with smart contracts and recognition of cryptocurrency as an object of civil turnover.
“The interests of big business in the digital economy can be defended only on the basis of legal liability of the signatories of the smart contracts”, — said Sidorenko.
The College will look into disputes related to the use of the blockchain, smart contracts and ICO. Experts have predicted a 40-fold increase in such litigation in 2020-2025 years.
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